76,599 Shares in L3Harris Technologies Inc $LHX Acquired by Concentric Capital Strategies LP

Key Points

• Concentric Capital Strategies LP acquired 76,599 shares of L3Harris (~$23.4M) in the third quarter, making the position roughly 1.0% of the fund’s portfolio and its 10th-largest holding.
• Insiders sold a total of 19,025 shares (~$6.82M) over the past 90 days, including VP Melanie Rakita (751 shares) and Samir Mehta (5,528 shares) on March 2, leaving insiders with just 0.72% ownership.
• L3Harris boosted its quarterly dividend to $1.25 (annualized $5.00, ~1.4% yield) with an ex-dividend date of March 6, while analysts hold a consensus "Moderate Buy" rating and a $328.57 target price.

Concentric Capital Strategies LP acquired a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 76,599 shares of the company's stock, valued at approximately $23,394,000. L3Harris Technologies comprises approximately 1.0% of Concentric Capital Strategies LP's investment portfolio, making the stock its 10th biggest holding.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. First Horizon Corp acquired a new stake in shares of L3Harris Technologies in the third quarter valued at approximately $10,667,000. Merit Financial Group LLC raised its position in L3Harris Technologies by 55.9% in the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company's stock worth $3,051,000 after purchasing an additional 3,583 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in L3Harris Technologies by 13.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock worth $9,230,000 after buying an additional 3,532 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in L3Harris Technologies by 32.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company's stock valued at $6,513,000 after buying an additional 5,239 shares during the last quarter. Finally, Korea Investment CORP increased its stake in shares of L3Harris Technologies by 11.2% in the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company's stock valued at $46,901,000 after buying an additional 15,408 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Activity

In related news, VP Melanie Rakita sold 751 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the completion of the transaction, the vice president owned 4,131 shares in the company, valued at approximately $1,529,791.92. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Samir Mehta sold 5,528 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,756 shares of the company's stock, valued at $2,872,201.92. The trade was a 41.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 in the last ninety days. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LHX. TD Cowen restated a "buy" rating on shares of L3Harris Technologies in a research report on Monday, January 5th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Friday, February 6th. UBS Group boosted their price objective on L3Harris Technologies to $323.00 and gave the stock a "neutral" rating in a report on Wednesday, January 14th. Susquehanna restated a "positive" rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Finally, Morgan Stanley raised their target price on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an "overweight" rating in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $328.57.

L3Harris Technologies Stock Up 0.2%

NYSE:LHX opened at $358.66 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a 12-month low of $195.72 and a 12-month high of $379.23. The stock's fifty day simple moving average is $349.12 and its 200-day simple moving average is $308.63. The firm has a market capitalization of $66.99 billion, a P/E ratio of 42.05, a P/E/G ratio of 2.58 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the prior year, the company posted $3.47 earnings per share. The firm's revenue was up 2.3% on a year-over-year basis. Equities research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $1.25 dividend. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. L3Harris Technologies's dividend payout ratio (DPR) is currently 58.62%.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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